The Australian Dollar has been left lacking inspiration near the 92 US cent floor after a Hammer formation failed to find follow-through. Several short body candlesticks suggest that traders are hesitant to lead major swings in either direction for the pair. Clearance of the congestion near 0.9330 would likely be required to open a run on the AUD/USD’s recent highs near 0.9455.

The significance of the 0.9280 floor is evident on the four hour timeframe. A Bullish Engulfing formation appears to be emerging near the support level. Yet the reversal signal awaits confirmation from the close of the current candle and a successive up period to be validated. Sellers are likely to re-emerge at intraday resistance near 0.9327.